Get That Damn Light Off Me!

When exactly did this “blame the test” game start? At what point exactly was it when the fact that Jr. can’t add three plus three became “well, of course not. The test is unfair.”? What level of absurdity have we reached when it is the accounting rules that force the reporting of “dismal results,” and are therefore to blame in large part of the financial disaster we are coping with?

The audit watchdog agency is considering issuing additional guidance on fair value accounting, which banks have blamed for forcing them to report dismal results, chairman Mark Olson told Reuters on Monday.
Olson, who leads the Public Company Accounting Oversight Board (PCAOB), said U.S. accounting regulators need to keep examining consequences of the standard, but lawmakers should not get involved.

54969 Responseshttp%3A%2F%2Fdealbreaker.com%2F2008%2F11%2Fget-that-damn-light-off-me%2FGet+That+Damn+Light+Off+Me%212008-11-10+19%3A40%3A45Equity+Privatehttp%3A%2F%2Fwp.dealbreaker.com%2F2008%2F11%2Fget-that-damn-light-off-me%2F to “Get That Damn Light Off Me!”

Its not just boomers..its gonna be worse with Gen Y (the “ME ME ME!!! I’m-the-Best-even-though-I-got-an-F-on-this -test-but-teacher-says–its-ok-you-can-take -it-until-you-pass” generation).
And banks should be given leeway when all other companies have to report on shitty earnings? Grow up.

The problem is that we’ve swung from a position of “why don’t you tell us what it’s worth” to “Why don’t we let the market tell us, but the market is overleveraged and unable to pay any price that approaches reality.”
Most of this stuff will perform much better than the current market price. The issue isn’t loan quality. It’s leverage.

The more frequently you monitor your portfolio, the more likely you are to observe a loss. This is likely to cause short-sighted decisions and could hurt your investment performance. If you are checking your portfolio more than once per quarter, you’re doing it too much.